Section 12(1)(a) Overseas Investment Act 2005
|Decision Maker||Overseas Investment Office|
|Decision Date||23 June 2022|
|Pathway(s)||Special forestry (One-off purchase)|
|Investment||Acquisition of a freehold interest in approximately 329.0498 hectares of sensitive land at 480 Ridge Road, Pohangina, Manawatū (the Land).|
|Asset Value||Withheld under section 9(2)(b)(ii) of the Official Information Act 1982|
|Applicant||Drylandcarbon One Limited Partnership
At the time of application in April 2022
New Zealand: 64.9%
North America: 8.9%
United Kingdom: 7.1%
|Vendor||Graeme Young as to a half share
Graeme Young, David Young and Jane Signal as to a half share (as executors)
New Zealand 100%
The Applicant has been granted consent to acquire the Land under the special test relating to forestry activities set out in section 16A(4) of the Act.
The Applicant is a limited partnership established as an investment entity for the purposes of developing a large and geographically diverse forestry portfolio.
The Land is currently being used as a dry stock hill farm for breeding and wintering of sheep and cattle. The Applicant intends to convert the Land into plantation forest (Pinus radiata) over parts of the Land assessed as being best suited to forestry.
The Applicant has estimated that approximately 219 hectares is best suited for planting (in addition to the approximately 4 hectares of existing forestry).
The Applicant proposes to subdivide and sell approximately 2 hectares of the Land which includes a dwelling, curtilage and various farming infrastructure. Approximately 104 hectares is unplantable land.
The forest will be managed by the Applicant’s forestry managers. Planting is intended to commence in winter 2022 and the trees will be harvested in accordance with the optimal rotation length and thinned in accordance with forestry management practice.
The Land Use Class (LUC) details for the Land are:
|More information||Susie Kilty
Buddle Findlay (Wellington)
PO Box 2964